Block 2 Purchased for $9 Million (Real Deals)

by George Waldon  on Monday, Jan. 9, 2012 12:00 am  

The Block 2 redevelopment in downtown Little Rock tipped the scales at $9 million.

MIMG XXIX Block 2 LLC, an affiliate of Monarch Investment & Management Group of Franktown, Colo., purchased the 1.05-acre project, which includes the 82,000-SF Democrat Printing & Lithograph Building at 122 E. Second St., home of Arkansas Business Publishing Group and 32 apartments; the 85,000-SF Archer Drug Building at 107 E. Markham St., 69 apartments; and the 69,000-SF Wallace Building at 101 Main St., 44 apartments.

The seller is LSF5 Block Two LLC, an affiliate of Lone Star U.S. Acquisition LLC of Dallas. The deal is financed with a $6.75 million loan from KeyBank of Denver.

The property previously was tied to an August 2010 mortgage of $4 million held by First Security Bank of Searcy.

LSF5 Block 2 acquired the property at a $9 million foreclosure sale in March 2008 after landing a $12.5 million foreclosure judgment two months earlier.

The court-ordered sale followed the limited liability company buying the project's long-in-default loan for $7.5 million in September 2007 from the Department of Housing & Urban Development.

 

Liberty Trailer Buy

A 9,200-SF commercial project in North Little Rock sold for $275,000.

Liberty Trailer Co., led by Bobby Staton, acquired the 10120 U.S. Highway 70 property from Kenny Adams LLC.

The 2.77-acre development previously was linked with a June 2009 mortgage of $650,000 held by Twin City Bank of North Little Rock.

The property was purchased for $220,000 in June 2002 from Able Realty Inc., led by Stephanie Traw.

 

College Funding

Two student housing projects on a downtown Little Rock campus are
funded with a $5.65 million bond issue. Philander Smith College, led by Walter Kimbrough, received the financing through the Pulaski County Public Facilities Board.

The dormitory project, totaling 105 rooms, previously was tied to an April 2011 mortgage of $2.5 million held by Centennial Bank of Conway and a May 2010 mortgage of $2.55 million held by Regions Bank of Birmingham, Ala.

The property at 900 W. Daisy Bates Drive was bought in February 1958 as part of a 2-acre $77,000 deal with the Little Rock Housing Authority.

 

Restaurant Space

Restaurant space in west Little Rock is securing a $600,000 financial package.

SC Hwy. 10 Co., led by Juvenal Perez, got the loan from Delta Trust & Bank of Little Rock.

The leased space for the Santo Coyote Tequila Bar is in the 26,700-SF Pleasant Ridge West project at 11610 Pleasant Ridge Road.

The 3.5-acre development is owned by Pleasant Ridge LLC, led by Louis Schickel.

 

Workforce Credit

The owner of a 57,000-SF office project in south Little Rock secured a $500,000 line of credit.

Steward & Young Inc., led by J.R. Young, got the funding from Citizens Bank & Trust of Van Buren.

The 4.26-acre Arkansas Workforce Centers development at 5401 S. University Ave. also is financed with an August 2009 mortgage of $3 million held by Citizens Bank.

The property was assembled in four buys totaling $1.28 million.

The sellers were Union Rescue Mission Inc., led by William Tollett, $1.1 million in October 2008; Metropolitan National Bank of Little Rock, $162,000 in December 2008; Hazel Blakeley and Mabel Thiede, $14,000 in May 2009; and Ronnie and Karen Tyler, $6,000 in March 2009.

 

 

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